Janet Yellen has turned a cold shoulder to the pleas of emerging markets by signalling that only a domestic slowdown will influence US monetary policy, in comments that suggest there will be no relief for those countries being battered by the Fed’s cut in its asset purchases.

In her first appearance before Congress as Federal Reserve chairwoman, Ms Yellen noted emerging market turmoil for the first time, saying that the Fed was “watching closely the recent volatility”. However, she showed no sympathy for complaints that the Fed had failed to co-ordinate its policy with other countries.

India’s central bank governor, Raghuram Rajan, last month hit out at the US for “washing their hands” of emerging markets. He is one of several central bankers to have to increased interest rates following a turbulent start to the year that saw a sharp sell-off in emerging markets currencies.